The global polyurethane foams market is projected to grow from USD 37.8 billion in 2020 to USD 54.3 billion by 2025, at a CAGR of 7.5% from 2020 to 2025. The major reasons for the growth of the polyurethane foams market include growing end-use industries such as bedding & furniture, electronics, automotive, and building & construction, in emerging economies like India, Thailand, and others. Some of the other like increased use of polyurethane foams in building insulations for energy conservation and versatility and unique physical properties of polyurethane foams are driving factors for growth of polyurethane foams market.
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Polyurethane foams are used in insulation, adhesives, sealants, and binders in a variety of construction products and other applications. Polyurethane foams are highly flexible materials, which help reduce total infrastructural costs by minimizing energy consumption in buildings. They enable architects to insulate buildings in an improved manner, which reduces the consumption of gas, oil, and electricity in them. This has led increased use of polyurethane foams for building insulation applications.
Polyurethane foam is used in numerous applications in the building & construction end-use industry. This foam is used as thermal insulators, in floorings & waterproofing, and for air sealing applications. The spray and rigid polyurethane foams are also used as structural and insulation foams in buildings . Although, the COVID-19 is estimated to have a huge impact on the building & construction sector, still this end-use industry stands as one of the major consumers of polyurethane foams as the volume of these foams used in this industry is more than other end-use industries.
Spray foam is projected to grow at a very high CAGR
Spray foams are primarily used for heat and acoustic insulation, flotation, and roofing applications. These foams are used for both, open-cell foam insulations and closed-cell foam insulations; and are mainly used for heat and sound insulation applications in the building & construction industry. Increasing demand for spray foams from the global building & construction industry is expected to drive the growth of the spray foam segment of the polyurethane foam market during the forecast period.
Middle East is estimated to be the fastest growing region in global polyurethane foam market
The Middle East is estimated to be the fastest growing region, in terms of value, in the global polyurethane foams market. The growth of the Middle East polyurethane foam market can be attributed to the flourishing building & construction and bedding & furniture industries in the region that are the key consumers of polyurethane foams. The increasing demand for energy-efficient buildings in GCC is leading to the growth of the polyurethane foam market in Middle East as well.
Covestro AG (Germany), BASF SE (Germany), Wanhua Chemical Group Co., Ltd. (China), Dow Inc. (US), Huntsman Corporation (US), Sekisui Chemical Co., Ltd. (Japan), Compagnie de Saint-Gobain SA (France), Bayer AG (Germany), Chemtura Corporation (Lanxess) (US), DuPont (US), Recticel NV/SA (Belgium), Rogers Corporation (US), UFP Technologies, Inc. (US), INOAC Corporation (Japan), Trelleborg AB (Sweden), FoamPartner Group (Switzerland), FXI (US), Armacell (Luxembourg), Eurofoam Group (Austria), Woodbridge Foam Corporation (Canada), Future Foam, Inc. (US), and Tosoh Corporation (Japan), Foamcraft, Inc. (US), are the key players in polyurethane foam market.
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